Investment Grade Municipal Income Fund Inc. -- Dividend Declaration and Portfolio Statistics.Business Editors July July: see month. 8, 2002-Investment Grade Municipal Income Fund Inc. (NYSE NYSE See: New York Stock Exchange : PPM), a closed-end management investment company normally investing substantially all of its assets in a diversified diversified (di·verˑ·s portfolio of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , tax-exempt, municipal obligations, with common and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. outstanding, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.080 per share of common stock. The dividend is payable on July 31, 2002 to common shareholders of record as of July 18, 2002. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is July 16, 2002. Under normal circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , the fund invests at least 80% of its net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. in investment grade municipal obligations, the income from which is exempt from regular federal income tax. Portfolio Statistics (% of total portfolio assets) as of June 30, 2002: Top Ten States ---------------------------------------------------- Texas 19.8% Illinois 10.4 Indiana 9.2 New York 6.5 California 4.0 North Carolina 3.8 Colorado 3.6 Connecticut 3.6 Washington 3.3 Kentucky 3.2 ---------------------------------------------------- Total 67.4 Credit Quality ---------------------------------------------------- AAA/Aaa 46.5% AA/Aa 22.3 A/A 9.0 BBB/Baa 10.5 BB/Ba 0.4 SP1/MIG1 2.4 A1/P1 0.4 Non-Rated 8.5 ---------------------------------------------------- Total 100.0% Yields + ---------------------------------------------------- NAV Yield 5.99% Market Yield 6.08% IPO Yield 6.04% ---------------------------------------------------- Top Five Sectors ---------------------------------------------------- Water 13.8% Lease 13.8 Power 9.9 Hospital 9.2 Housing 6.3 ---------------------------------------------------- Total 53.0% Characteristics ---------------------------------------------------- Net Asset Value $16.03 Market Price $15.80 IPO Price (1992) $15.00 July 2002 Dividend (per common share) $0.08 Weighted Average Maturity 14.10 Yrs. Weighted Average Duration 4.91 Yrs. Weighted Average Coupon 6.05% ---------------------------------------------------- Price to Date Maturity/Call Distribution ---------------------------------------------------- 2002 4.8% 2003 9.5 2004 0.0 2005 3.2 2006-2015 25.4 2016-2031 57.1 ---------------------------------------------------- Total 100.0% + Market yield is calculated by multiplying mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. the current month's dividend by 12 and dividing by the month-end market price. NAV See navigation system and navigation bar. yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end net asset value. IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. yield is calculated by multiplying the current month's dividend by 12 and dividing by the initial public offering price. Prices and yields will vary. The Fund is actively managed and its portfolio composition will vary over time. |
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